Home
Departments
Economics

DEPARTMENT OF ECONOMICS

The Department of Economics was established in 2017 when the Patrician College for Women was founded. The department is poised to become one of the leading centre in the state where economics is taught with a difference linking the subject to real life examples analyzing the theories with reference to the current economic scenario.

Teaching/Assessment Methodology

  • Lecture method with smart classes
  • Power point presentation
  • Quiz
  • Class Test
  • Assignment/Project Work

Skill India Mission

The Skill India Mission is a flagship programme of India. It includes various initiatives like National Skill Development Mission, National Policy for Skill Development and Entrepreneurship, Pradhan Mantri Kaushal Viskas Yojana and the Skill Loan Scheme. The aim of the programme is to impart skill to over 400 million people by 2022.

Skill India and Make in India

Skill India is an ambitious programme of the government of India. If the government is able to achieve the set target, it will have a very positive impact on Make in India program as well. This is because the growth in the manufacturing sector that is desired by the Make in India programme could not be achieved until the country has skilled manforce. Presently, India faces a shortage of trained workers. Only 2.3% of India’s workforce has formal skill training compared to 68% in the UK, 75% in Germany, 52% in USA, 80% in Japan and 96% in South Korea. Thus, there is an urgent need to impart skills to the people for the overall development of the economy.

Only skilled workforce would be able to provide desired results by joining the production process and fasten the achievements of the goals of Make in India scheme to encourage companies to manufacture their products in India and also increase their investment.

The major problem with skill training is the absence of job-linkages. This is only aggravating the problem of unemployment. The Public Private Partnership Model of operation of SSCs presents a great chance of bringing industry best practices in learning and development into such training modules. There is also need to increase the accessibility of the training programmes. It is in this way that the problem of unskilled labor in India can be tackled, thus reducing the increasing unemployment levels.

Dr Pooja Bhandari

Assistant Professor

Department of Economics

Development as freedom

African- American perform better in survival at lower age group especially infant mortality where comparatively Chinese or the Indians have high infant mortality rates. In fact, it turns out that Indian (Kerela) and Chinese out live the African-American in terms of life expectancy.

Economic development of the people is not only a contributing factor in human development, there are other social aspects of it. The socio-economic development is more significant than isolated economic or social development. Also economic development is not significant until and unless the social aspect of the human is not fulfilled. The elementary freedom is “Quality of life” which focuses on “way of human life goes” and not just only on resources or income that a person commands. It is an important aspect rather than just income or wealth. “Flourishing” and “Capacity” by Aristotle reflects the quality of life and substantive freedoms. With the emergence of the socio-economic way of development there is a need to understand “the necessities and conditions of living”.

William Petty has pioneered both “the income method” and “the expenditure method” of estimating the National Income but he was concerned that economic prosperity does not particularly accounts for “the common” and “each man’s particular happiness”. Thus assessing development in terms of “happy living” is more important.

In the great American civil war slaves stood up to the oppression. They were kept deprived of their own choices and were forced against their will by their masters. Similarly child labour deprive human fundamental values and abandon growth. Individual freedom is quintessentially a social product. Social arrangements are to be made to expand individual freedom. The use of individual freedom is not only to improve respective lives but also to make social arrangements more appropriate and effective.

The use of markets is altogether different that people have right to undertake transactions and exchange. People’s right to interact each other economically should be respected. The unemployment has negatively affected the people’s right to interact economically and to lead a decent livelihood.

Ayushi garg

BA III Year

HDI – India’s Ranking and the way forward

The Human Development Index (HDI) is a statistic composite index of life expectancy, education and per capita income indicators, which areused to rank countries in four tiers of human development.  A country scores a higher HDI when the life span ishigher, theeducation level is higher and the GNI (PPP) per capita is higher.  It was developed by an economist Mahbub-ul-Haq with help from Gustav Ranis of Yale University and Lord Meghnad Desai of London School of Economics.  This was further used to measure a country’s development bythe United Nations Development Programme (UNDP)

The calculation of the Index combines four major indictors, life expectancy for health, expected years of schooling, mean of years of schooling for education and gross national income per capita for standard of living.  Every year the UNDP ranks countries based on HDI report released in their annual report.

India’s rank stands at 130 out of 189 countries in the latest Human Development Index and has the index figures of 0 – 640 as on 15th September 2018. Between 1990 and 2018 the HDI value of India increased from0.427 to 0.640 This is an increase of nearby 50% – which is an indicator of the country’s remarkable achievement in lifting millions of people out of the dark shadows of poverty, illiteracy and economic backwardness.

SIMRAN KALRA

BA 3rd semester